LINE NEXT Raises $140 Million Investment to Expand DOSI NFT Mobile Platform
In Brief
LINE NEXT raised $140 million to debut its global NFT platform DOSI, planned to be offered as a mobile app in January 2024.
The South Korea NFT arm of communications corporation LINE — LINE NEXT raised $140 million in investment to expand its Web3 ecosystem and offerings. Crescendo Equity Partners led the funding, making this the largest investment round in the Asian blockchain Web3 industry this year.
With the new investment, LINE will debut its global NFT platform DOSI in January 2024. DOSI will be offered as a mobile app, integrating with Japan’s NFT marketplace LINE NFT, and will be accessible to users worldwide.
In addition to facilitating the trading of digital products, LINE NEXT aims to collaborate with brands, granting ownership of digital assets and enabling them to be exchanged within the Web3 ecosystem. The company also plans to introduce web3 games featuring its well-known characters, BROWN & FRIENDS, as part of its strategy to further popularize Web3.
Established in December 2021, LINE NEXT launched the beta service for its global NFT platform DOSI in September 2022, aiming to position itself as a key player in the evolving landscape of blockchain and Web3 initiatives.
“It is significant that we were able to secure this funding in the context of a globally contracting investment environment,” said Youngsu Ko, CEO of LINE NEXT. “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.”
Japan Fuels NFT Momentum Through Strategic Investments
The Web3 ecosystem in Japan is experiencing rapid evolution, as companies explore the transformative potential of NFTs.
LINE has been active in venturing into the Web3 space, having launched its proprietary NFT marketplace, LINE NFT last year and securing partnerships with major entities, including entertainment franchise Yoshimoto Kogyo, renowned video game developer Square Enix, and the popular manga series Patlabor within the entertainment sector.
In a recent development, Animoca Brands, Japanese digital property and open metaverse company, announced the completion of a $11.88 million funding round, raising for its NFT project, Mocaverse, to establish a loyalty system for Web3 games, culture, and entertainment.
Animoca Brands had also previously disclosed a partnership with San FranTokyo to promote its NFT project, Cool Cats, across Japan to expand into technologically advanced Asian markets.
The LINE NEXT recent investment, aligned with the efforts of other Japanese industry leaders exemplify the high potential of NFTs in reshaping dynamic Web3 landscape.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
